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Anit [1.1K]
3 years ago
10

The Statement of Net Position of South State University, a government-owned university, as of the end of its fiscal year June 30

, 2019, follows.
SOUTH STATE UNIVERSITY
Statement of Net Position
June 30, 2019
Assets
Cash $340,000
Accounts receivable (net of doubtful accounts of $15,000) 370,000
Investments 250,000
Capital assets $1,750,000
Accumulated depreciation 275,000 1,475,000
Total assets 2,435,000
Liabilities
Accounts payable 105,000
Accrued liabilities 40,000
Unearned revenue 25,000
Bonds payable 600,000
Total liabilities 770,000
Net Position
Net investment in capital assets 875,000
Restricted 215,000
Unrestricted 575,000
Total net position $1,665,000
The following information pertains to the year ended June 30, 2020.
1. South billed tuition and fees totaling $1,500,000 and provided $250,000 in scholarship waivers.
2. Unearned revenue at June 30, 2019, was earned during the year ended June 30, 2020.
3. Notification was received from the federal government that up to $50,000 in funds could be received in the current year for costs incurred in developing student performance measures.
4. During the year, the University received an unrestricted appropriation of $3,000,000 from the state.
5. Equipment for the student computer labs was purchased for cash in the amount of $525,000.
6. During the year, $800,000 in cash contributions was received from alumni. Of the amount contributed, $200,000 is to be used for construction of a new library.
7. Interest expense on the bonds payable in the amount of $48,000 was paid.
8. Student tuition refunds of $113,000 were made. Cash collections of tuition and fees totaled $1,458,700, $138,000 of which applied to the semester beginning in August 2020. Investment income of $13,000 was earned and collected during the year.
9. General expenses of $4,684,000 related to the administration and operation of academic programs, and research expenses of $37,000 related to the development of student performance measures, were recorded in the voucher system. At June 30, 2020, the accounts payable balance was $75,000.
10. Accrued liabilities at June 30, 2019, were paid.
11. At year-end, adjusting entries were made. Depreciation on capital assets totaled $90,000. The Allowance for Doubtful Accounts was adjusted to $17,000. Accrued interest on investments was $1,250. The fair value of investments at year-end was $262,000. Of the income earned on investments, $5,230 was restricted.
12. Nominal accounts were closed and net position amounts were reclassified as necessary.
Required:
a) Prepare journal entries to record the foregoing transactions for the year ended June 30, 2020, (if no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.
b) Prepare closing entries for the year ended June 30, 2020. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

Business
1 answer:
alexandr402 [8]3 years ago
5 0

Answer:

Explanation:

Base on the scenario been described in this question, we can use the following method to be solve the question below using Microsoft word we have the solution in the image attached file below

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What is Jensen's alpha of a portfolio comprised of 45 percent portfolio A and 55 percent of portfolio B? Portfolio Average Retur
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Answer:

The Jensen's alpha of a portfolio comprised of 45 percent portfolio A and 55 percent of portfolio B = 2.04 %

Explanation:

<em>Solution</em>

Given that:

Now,

The Jensen’s alpha of a Portfolio is computed by applying  the formula  below:

Jensen's alpha = Portfolio Return − [Risk Free Rate of Return + ( Portfolio Beta * (Market Rate of Return − Risk Free Rate of Return ) ) ]

For the information given in the question we have the following,

The Risk free rate of return = 3. 1%

In order to find the Jensen’s alpha we have to first get the following from the information given in the question :

1. Portfolio Return

2. Portfolio Beta

3.Market Rate of Return

Thus,

(A)Calculation of Portfolio Return :

The formula for calculation of Portfolio Return is  given as:

E(RP) = ( RA * WA )+ ( RB * WB )

Where

E(RP) = Portfolio Return

RA = Average Return of Portfolio A ; WA = Weight of Investment in Portfolio A

RB = Average Return of Portfolio B ;  WB = Weight of Investment in Portfolio B

For the information given in the question we have the following:

RA = 18.9 %, WA = 45 % = 0.45, RB = 13.2 %,  WB = 55 % = 0.55

By applying the values in the formula we have

= ( 18.9 % * 0.45 ) + ( 13.2 % * 0.55 )

= 8.5050 % + 7.2600 % = 15.7650 %

(B). Calculation of Portfolio Beta:

Now,

The formula for calculating the Portfolio Beta is

ΒP = [ ( WA * βA ) + ( WB * βB ) ]

Where,

βP = Portfolio Beta

WA = Weight of Investment in Portfolio A = 45 % = 0.45 ; βA = Beta of Portfolio A = 1.92

WB = Weight of Investment in Portfolio B = 55 % = 0.55 ; βB = Beta of Portfolio B = 1.27

By Applying the above vales in the formula we have

= ( 0.45 * 1.92 )   + ( 0.55 * 1.27 )

= 0.8640 + 0.6985

= 1.5625

(C). Calculation of Market rate of return :

Now,

The Market Risk Premium = Market rate of return - Risk free rate

From the Information given in the Question we have

The Market Risk Premium = 6.8 %

Risk free rate = 3. 1 %

Market rate of return = To find

Then

By applying the above information in the Market Risk Premium formula we have

6.8 % = Market rate of Return - 3.1 %

Thus Market rate of return = 6.8 % + 3.1 % = 9.9 %

So,

From the following  information, we gave

Risk free rate of return = 3.1% ; Portfolio Return = 15.7650 %

The Portfolio Beta = 1.5625 ; Market Rate of Return = 9.9 %

Now

Applying the above values in the Jensen’s Alpha formula we have

The Jensen's alpha = Portfolio Return − [Risk Free Rate of Return + ( Portfolio Beta * (Market Rate of Return − Risk Free Rate of Return )) ]

= 15.7650 % - [ 3.1 % + ( 1.5625 * ( 9.9 % - 3.1 % ) ) ]

= 15.7650 % - [ 3.1 % + ( 1.5625 * 6.8 % ) ]                  

= 15.7650 % - [ 3.1 % + 10.6250 % ]

= 15.7650 % - 13.7250 %

= 2.0400 %

= 2.04 % ( when rounded off to two decimal places )

Therefore, the Jensen's alpha of a portfolio comprised of 45 percent portfolio A and 55 percent of portfolio B = 2.04 %

7 0
3 years ago
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